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Anthropic is reportedly considering an initial public offering that could rival or surpass SpaceX’s record-breaking IPO, potentially making the artificial intelligence company responsible for the largest public share sale ever.
Bloomberg reported Thursday that Anthropic wants its planned IPO to match or exceed SpaceX’s offering. SpaceX raised $75 billion when it went public in June, with proceeds eventually reaching about $86 billion after underwriters exercised their overallotment option.
Such a massive Anthropic IPO could be feasible given the AI startup’s rapidly rising valuation. Anthropic was valued at $965 billion following a $65 billion private funding round in May. Bankers and investors have reportedly discussed a potential public valuation approaching $2 trillion.
At a $1.5 trillion valuation, raising $86 billion would require Anthropic to sell roughly 5.7% of the company. At $2 trillion, the required stake would fall to just over 4%.
Anthropic’s explosive revenue growth could help support that valuation. Its annualized revenue run rate exceeded $65 billion at the end of July, rising from $47 billion in May and about $9 billion at the end of 2025. The company reportedly expects annual revenue to reach approximately $190 billion to $200 billion by 2028.
However, profitability remains a key concern. Anthropic lost nearly $42 billion in 2025 as spending on computing infrastructure, AI model development and talent soared. While the company posted positive adjusted operating income during the second quarter, investors may increasingly demand evidence that massive AI investments can eventually generate sustainable cash flow.
SpaceX also set an unusually high benchmark. Its IPO priced shares at $135 and valued the company at approximately $1.75 trillion, while strong investor demand helped support the enormous offering.
For Anthropic, surpassing SpaceX’s $86 billion haul appears financially possible. The bigger challenge will be convincing investors already heavily exposed to Nvidia, hyperscalers and other AI investments that Anthropic’s exceptional growth can ultimately justify its enormous spending and potentially multi-trillion-dollar valuation.
